Jens Pinkernell Suspended For Overcharging Clients

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Jens Pinkernell Suspended For Overcharging Clients

Jens Pinkernell, a Dallas, Texas-based investment adviser, has been suspended for five years. According to Texas Securities Commissioner John Morgan, Pinkernell and J. Pinkernell Global Wealth LLC charged two clients excessive and unauthorized fees. According to the commission, J. Pinkernell Global Wealth overcharged the clients for advisory services.

One client agreed to pay the firm 1.35% of the assets it managed. The client also had a separate fee deal with Pinkernell and a third-party custodian. This arrangement allowed Pinkernell to take out $3,000 monthly from the client’s account.The Disciplinary Order states that from May 2013 to April 2016, Jens Pinkernell made monthly withdrawals that the client never authorized. As a result, the client paid over $10,000 in fees rather than $1,850.

With the second client, Pinkernell is accused of taking out excessive fees from that party’s account from July 2013 to March 2016. According to the Texas Securities Commission, the client paid over $38,000 in fees instead of just over $8,800. This client had no agreement with Pinkernell. Instead, he charged the client yearly asset management fee of 2%.

Both clients have since been repaid the $46,915 they were collectively overcharged.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

By |October 24th, 2016|Legal Matters|

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